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Back in 2008 we were so much younger pres Obama promised to help the housing market and since and has a market.
Has been really slow to recover but our next guest says there's something pres Obama can do.
In his second term to help struggling homeowners what could that be here to explain Bob -- realist.
And he's our guy Bob -- -- the president doing.
Well first of all the mortgage relief -- which we talked about is the law that was passed by bush in 07 that expires the end of this year Brian -- that basically says.
If you're foreclosed on or short so happens and the -- and there's a waiver of deficiency what's owed.
There's no tax liability if it's a primary residence that needs to be extended I talked a couple people last week in congress it's stuck in the Ways and Means Committee.
What I would ask the president and those around him as the police push this thing through because of its not extended Brian bankruptcies in this country go through the roof that's number one.
Right let's talk about -- Fannie and Freddie allow the principal deductions -- -- Disgust I mean should -- -- a government agency should just suck it -- take a loss.
Well here's the thing.
I don't know what a principal reduction program Brian would look like but I do know this Fannie and Freddie is that talked about a few weeks ago implemented new short sell guidelines November 1 which is great.
To help homeowners.
But essentially if we want to really help the spirit of homeowners.
People that are put a lot of money in their homes some type of principal reduction program could change the whole spirit.
Of the whole homeowners in this country.
I don't know what it would look like I'm not sure the best way to do what I would ask this administration.
To work where the Republicans and lenders -- to see if there's some kind of principal reduction program.
To keep homeowners in their primary residence only non investment property issues.
Italian a lot of people who were foreclosed on it destroys your credit rating it brings us to this question should -- credit amnesty program be implemented.
To help homeowners gain the ability to them by again.
We need something that's going to look at those people Bryan who legitimately for example lost their jobs.
As a result their primary residence was lost not people that were reckless private people legitimately you know lost -- jobs lost their home.
To give them some kind of wind fall where they say look under these circumstances.
Were given amnesty program they give the people the power to borrow again.
If we can get some of these things that.
We may -- some moves in the future to rebuild their dreams and put their life back together I hope this can happen but the problem is people are tighter than ever because of the banking regulations because what are not so.
Real quick do you believe the housing market's coming back.
There are there are signs that their values are coming back for example Las Vegas which is ground zero in Florida some values are coming back.
But we still have millions of loans Brian it's going to adjust to the next year to the adjusted rate mortgages.
That still is going to be a major problem for homeowners in America tonight Bob Massi thanks so much eating -- buying your questions at FOX & Friends.
Dot com as you know.
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